Since 2017 when SpectroCoin began supporting the Ethereum cryptocurrency, our clients have been able to buy and sell or send and receive Ethereum’s native currency called Ether (ETH), using our platform. Now, we are happy to announce that SpectroCoin has started supporting deposits made from Ethereum smart contract addresses. Thus, users can now send ETH to their SpectroCoin accounts from wallets and exchanges that support smart contract transactions.
Regular vs Contract addresses
Unlike other cryptocurrencies, there are two types of Ethereum addresses:
- Account address or regular address, which works the same way as a Bitcoin address. We will refer to it as a regular address.
- Contract account or contract address. These addresses are what set Ethereum apart and makes it “smarter” when compared to other cryptocurrencies.
A regular Ethereum address might look similar to a contract address – “just” a line of numbers; however, they act very differently. A regular address is mostly used as a bare store for Ether, much like your bank account. A contract address is created from an account address, which then becomes the “master” of the contract. Unlike a regular address, Ethereum smart contract addresses are controlled by a code which means that the behavior of contracts can be customized.
Therefore, while a regular address is simply used for storing, a contract address can be used to manage Ethereum. This feature enables the creation of incoming transactions to a contract address, multi-signature blockchain wallet set-up, as well as the creation of Ethereum ERC20 tokens.
While providing a higher level of customization for your Ethereum, contract addresses are also more complex and difficult to implement into an already-running system. That is the main reason why so many exchanges do not support Ethereum smart contract addresses. Using them also requires more Ether to run.
Creating a regular address does not cost anything, while it does cost ETH to create and use a contract address. That is because contracts utilize the computational power and storage resources of the Ethereum network, which is then reflected in the usage costs.
Contract transactions are not stored on the Ethereum blockchain, which means that complex and specific tools are required to support such transactions. This process is lengthy since our developers must ensure all types of Ethereum smart contract transactions are supported.
During the last few months, the SpectroCoin team has been focused on creating and implementing the tools necessary for our platform to be able to execute client deposits to and from contract addresses. We already support Ether deposits made from contract addresses. Currently, we are working on being able to support Ethereum cryptocurrency withdrawals to contract addresses as well.
How to send Ethereum cryptocurrency to a SpectroCoin blockchain wallet?
To deposit Ether, you need to find your SpectroCoin Ethereum wallet address. To find it, press the ETH icon on the left-hand-side menu:
You will be forwarded to a new window. You can find your Ethereum wallet address next to the QR code:
Then, input your SpectroCoin Ethereum wallet address into the wallet you are sending your tokens from and confirm your transaction. Use the same SpectroCoin wallet address for both: regular and contract transactions. And that’s it!
Please note that ERC20 tokens are not yet supported at SpectroCoin. We only support deposits made with Ethereum, Bitcoin, XEM, and DASH cryptocurrencies. Also, make sure to check our blog post to learn how to buy and sell Ether at SpectroCoin.
If you have any further questions regarding how to deposit Ether at SpectroCoin account, please contact our support via “Live Chat” option available at our website.